Bitcoin’s price continued to drop overnight and it has lost an enormous $880 from its peak value this week. The hope of an increase in value to $10,000 now seems unrealistic, and a co-founder and ousted CEO of PayPal said bitcoin is a colossal pump-and-dump scheme which has never been seen before in the world.
The Current Value of Bitcoin
Presently, Bitcoin is trading at $8,851, with Ethereum dropping down to $629, and the value of Ripple is at $0.81. The ousted CEO and co-founder of PayPal – Bill Harris, made the headlines this morning saying Bitcoin, as well as other cryptocurrencies, are a scam.
He said that Bitcoin is clearly a pump-and-dump game. He also said that a lot of cryptocurrencies are frauds. Ernst and Young estimate that 10% of the funds raised from ICOs has been stolen. He further claimed that bitcoin does not have any value and that losers are uninformed traders that are caught up in the circle of greed. The result is just a huge wealth transfer from ordinary people to promoters of the internet.
Marcus Swanepoel’s Opinion
The founder and CEO of Luno – Marcus Swanepoel also gave is his opinion regarding this issue. Mr. Swanepoel said: “To provide an answer to this, we also need to open out to a broad question as to whether Bitcoin, as well as other cryptocurrencies, will ever become a universally accepted and used currency or will it ever challenge the banking system.
The more people invest in Bitcoin because they believe its value will increase, the more connected they are to the new financial system. This will make the system stronger and valuable, and it will also pave way for wider transactional adoption.
Mr. Harris has a lot of opinion about bitcoin and cryptocurrencies at large, he thinks it’s a complete scam and a total waste of time. But there are lots of people out there that believe in the technology, and they are working to make sure the system lives on.